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VOL. 126 | NO. 236 | Monday, December 05, 2011

Owner of Tunica Casino Emerges From Bankruptcy

AP

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JACKSON, Miss. (AP) – Majestic Star Casino, which owns Fitzgeralds Casino Hotel in Robinsonville, Miss., has emerged from Chapter 11 bankruptcy reorganization.

The Las Vegas company said Thursday that it had eliminated more than $500 million in debt. The company is now owned by former lenders, with Minnesota-based Wayzata Investment Partners the largest shareholder.

Fitzgeralds, one of nine casinos in Tunica County, had 666 employees at Sept. 30.

Majestic Star also owns two casinos with that name in Gary, Ind., and a Fitzgeralds casino in Black Hawk, Colo. The company filed for bankruptcy in November 2009, with debts of $771 million versus assets of $402 million, citing the recession and increased competition.

Another company recently gave Resorts and Bally's casinos in Tunica to lenders to save a casino in Atlantic City, N.J.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 72 72 2,459
MORTGAGES 94 94 3,413
FORECLOSURE NOTICES 0 0 782
BUILDING PERMITS 163 163 6,498
BANKRUPTCIES 84 84 2,491
BUSINESS LICENSES 24 24 1,088
UTILITY CONNECTIONS 146 146 3,588
MARRIAGE LICENSES 26 26 649

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